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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Dogecoin Price Squeezes Into Triangle With Breakout Closing In

Scott Matherson
Scott Matherson
5 months ago
3 mins read
Dogecoin

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Dogecoin has been trading in a tight range lately, with its price movement increasingly narrowing over the past few days between $0.15 and $0.16. This increasingly narrowing range comes off a wider downside consolidation move since the beginning of April, which has led to the creation of a triangle pattern on the 4-hour candlestick timeframe chart. 

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As it stands, Dogecoin is trying to recover from earlier losses in April, and a recent higher low points to growing bullish activity that could send it pushing above the upper trendline of the triangle pattern in the coming week.

Analyst Notes Classic Market Indecision In Dogecoin Structure

Crypto analyst Trader Tardigrade recently brought attention to Dogecoin’s current price structure in a post shared on the social media platform X, noting a converging triangle formation that reflects growing indecision in the market.

According to his analysis, Dogecoin’s price action has transitioned from a clear downtrend (visible throughout late March and extending into the first week of April) into a state of consolidation that has persisted over the past two weeks.

Looking at the resulting triangle formation on the 4-hour candlestick timeframe chart, it is easy to infer that both buyers and sellers are exercising caution. Buyers are reluctant to enter at higher levels, while sellers seem unwilling to push prices lower, creating a narrowing band of price action since April 15. The result is a compression of volatility, which could break out in either direction.

Image From X: Trader Tardigrade

What Comes After The Indecision Phase?

As shown in the Dogecoin price chart above, the memecoin is now approaching the tip of the triangle. In this particular case, the structure leans toward a bullish breakout, with market behavior showing signs of upward pressure building beneath the surface by a 2.77% increase in trading volume in the past 24 hours.

DOGE is currently trading at $0.154. Chart: TradingView

Trader Tardigrade projected an uptrend that cancels out the downtrend in late March, following the classic pattern of a downtrend, indecision, and a resulting uptrend. 

A strong bullish candle that closes above the upper trendline of the triangle is important to validate the predicted uptrend. Trader Tardigrade’s projection shows that if such a move occurs, Dogecoin could reclaim the $0.20 level within a relatively short time frame before the end of the month. 

Dogecoin opened the month of April at $0.166. As such, a clean upside breakout followed by a sustained close above $0.20 would mark a positive finish for Dogecoin in April.

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Such a positive monthly close would likely influence market sentiment heading into May and possibly invite increased buying activity. It would also help confirm that the recent period of bearishness is over and help reestablish a bullish structure. 

At the time of writing, Dogecoin was trading at $0.1573

Featured image from 21Shares, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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